I don't know if this has been figured out already but...
I downloaded the app. vCardIO:
http://andappstore.com/AndroidApplications/apps/vCardIO
This app enables you to open a .VCF file in Android that is located on the root of your SD card and add them to your contacts. It's as simple as that.
What i did was export my contacts to a .CSV from outlook, I then converted it to VCF with this online converter:
http://homepage.mac.com/phrogz/CSV2vCard_v2.html
And Voila!
I just wanted to share this because it took me quite some time to figure out :P
Also, I had some trouble converting to .VCF, but it worked.